On September 28, 2016, Grupo Clarín's Shareholders approved a split-up of Grupo Clarín's equity interest in Cablevisión S.A, the subsidiary that operates Grupo Clarín's cable television, internet and telephony segment, into a new Argentine corporation under the name of Cablevisión Holding S.A. ("CVH"). After the split-up is complete, CVH will own directly and indirectly, 60% equity interest in Cablevision.

Grupo Clarín will retain substantially all assets and liabilities, and continue with substantially all the activities and operations of its remaining business segments that are not be specifically allocated to CVH.

Accordingly, the Company Financial Statements as of March 2017 presented the figures of the Cable, Internet Access and Telephony segment as discontinued operations for all periods; all the activities and operations of its remaining business segments are consolidated as continued operations. This is the result of the implementation of International Financial Reporting Standards ("IFRS") number 5.

In spite of that, for the purpose of this presentation, figures have been prepared including continued and discontinued operations. For further information about continued and discontinued operations, see the appendix of this presentation or our Financial Statements as of March 2017.

Highlights (1Q17 vs. 1Q16):

Net Sales totaled Ps. 11,876.2 million, an increase of 32.2% from 1Q16, mainly due to ARPU and subscriber growth in the Cable TV and Internet access segment and, to a lesser extent, to higher advertising sales in Broadcasting and Programming and circulation sales in the Printing and Publishing segments.

Adjusted EBITDA (1) reached Ps. 3,693.7 million, an increase of 29.8% from 1Q16, mainly driven by higher sales in the Cable, Internet access and Telephony segment and, to a lesser extent, to higher sales in the Broadcasting and Programming segment.

Income for the period totaled Ps. 1,806.5 million, an increase of 62.3% from the Ps. 1,113.2 million reported in 1Q16, and the Income for the period attributable to Equity Shareholders amount to Ps 1,048.7 million from Ps. 632.7 million, an increase of 65.7%.

FINANCIAL HIGHLIGHTS

(In millions of Ps.)

1Q17

1Q16

% Ch.

4Q16

QoQ

Net Sales

11,876.2

8,985.6

32.2%

11,580.5

2.6%

Adjusted EBITDA (1)

3,693.7

2,844.7

29.8%

3,009.1

22.8%

Adjusted EBITDA Margin (2)

31.1%

31.7%

(1.8%)

26.0%

19.7%

Income for the period

1,806.5

1,113.2

62.3%

887.9

103.5%

Attributable to:

Equity Shareholders

1,048.7

632.7

65.7%

534.6

96.2%

Non-Controlling Interests

757.8

480.5

57.7%

353.3

114.5%

(1) We define Adjusted EBITDA as net sales minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies on the basis of operating performance, leverage and liquidity. Nonetheless, Adjusted EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it.(2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Net Sales.